The veteran midfielder, currently with Sao Paulo, is expected to announce he's hanging up the boots after a heart condition was discovered following a sudden collapse in training.
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Globo says Oscar has held talks with Sao Paulo management and informed them he'd like to now retire.
The former Brazil international joined Sao Paulo last year on a three-and-a-half year contract after an extended period in China with Shanghai Port.
A formal announcement from Oscar is expected to soon be made.